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A small college partnered with a broker for years. When a new human resources leader joined the team, she realized the broker hadn’t provided any education on benefits. They just knew they were in a captive and were told to pay the bills.

To top it off, the college didn’t have a contact at their current brokerage and no one to help with enrollment. It was all very confusing. That’s when the college contacted Oswald.

The Oswald Difference

Oswald audited the existing benefits package. We found:

• The broker promised about $60,000 in returns the following August. That amount fell to about $30,000 with fees and taxes.
• The college was not regulatory compliant, due to broker errors.
• Open enrollment had been set during summer, when many were on break, leading to errors and missed opportunities.
• The broker did not provide monthly reporting on financials.

The Solution

• Oswald switched the college to another carrier, saving $500,000 annually with better terms and the same coverage.
• Ancillary benefits such as dental, vision and life were consolidated under one carrier.
• Pharmacy coverage moved to another provider, more than doubling their rebate to $65,000.
• Unnecessary coverages were removed, saving $30,000.
• Open enrollment moved to fall to coincide with the school year.
• Oswald provided on-site open enrollment and one-on-one consultations, as well as ongoing support.
• Added consistent claims reporting, a wellness program, and more options for coverage for employees.

Three-Year Strategic Plan

Oswald continues to evaluate the needs of the college. We are building a benefits website for employees and will further address how to manage chronic illnesses once more claims data is compiled.

We will continue to leverage Oswald’s size and longstanding relationships with carriers and underwriters to determine how we can make improvements for the college.

View more Success Stories here.

To explore how Oswald can help your organization, contact us below.